Beltane Asset Management and TPG Angelo Gordon have secured a £175m development financing loan from BGO to deliver the mixed-use Notting Hill Place scheme in London.
The development will involve a comprehensive transformation of the 1.2-acre site to provide 170,000 sq ft of office space, ground floor retail units and a social block including an NHS medical centre.
Beltane and TPG Angelo Gordon acquired the site in 2022 and secured planning approval for the Squire & Partners’-designed mixed-use scheme from the Royal Borough of Kensington & Chelsea.
The project involves the adaptive re-use transformation of the existing 1950s Newcombe House tower structure. Some 80% of the building’s concrete frame will be retained and the tower will be refurbished and extended to create 14 floors of commercial office space offering panoramic views across London.
Construction is already underway and completion is expected in summer 2027.
Duncan Roe, from Beltane, said: “Securing development financing from BGO marks a significant milestone for Beltane as we move forward with Notting Hill Place. This project represents a major investment for Beltane and includes yet another high quality, sustainable, adaptive re-use office scheme in a prime London location. With demolition complete and construction well underway, we’re confident Notting Hill Place will resonate with forward-thinking occupiers seeking a well-connected, amenity-rich location for their business.”
Mike Diana, managing director of TPG Angelo Gordon, added: “We are excited to be delivering another high-quality office scheme alongside our long-term partners at Beltane. Notting Hill Place represents a unique opportunity to create grade A office space at scale amid a period of strong tenant demand and significant lack of new supply in the West End market, particularly from 2027 onwards. With the support of our delivery and financing partners, Midgard and BGO, we are confident this project will cater to occupiers’ increasing demand for thoughtfully designed, Grade A office space in London.”
Jim Blakemore, managing partner and global head of debt at BGO, said: “We’re really pleased to be supporting such an important project in Notting Hill, one of London’s most vibrant neighbourhoods and one which is severely lacking in modern office space. This development will ultimately deliver best-in-class accommodation in a prominent location which we expect to appeal to a broad range of occupiers. We’re also pleased to be working with the teams at Beltane and TPG Angelo Gordon in this latest venture in their long-standing partnership together.”
JRL Midgard is leading the construction of the scheme and Knight Frank has been appointed to provide lease advisory services.
